Northpointe's Levesque Discusses the State of Real Estate in Rhode Island
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Northpointe's Levesque Discusses the State of Real Estate in Rhode Island
“I think everybody has to be cautiously optimistic and hopefully more optimistic the numbers were up year-over-year, and I think the effects of the pandemic we all feel will be felt a little bit further into the summer market,” said Levesque.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTRI Realtors numbers reported last week show single-family home sales rose slightly year-over-year in March and pending sales – those under contract but not yet closed – dropped negligibly, down .4 percent. The median price of those sales was $300,000, a 13.2 percent gain. It is unclear how the April coronavirus lockdown will impact sales and prices.
“So as the pandemic hit in February in March — usually February and March transactions that go into contract close sixty to seventy-five days later — I am expecting still a little bit of a pullback most likely in the June, July, August months, but certainly good news," he said.
"I think it has to do the fact that before the pandemic hit we had low inventory in the state, so that low inventory is spurring the real estate market to stay as hot as it can with all the challenging times that are in progress right now,” added Levesque.
He added that near record-low rates are spurring homeowners to look at refinancing opportunities to cut monthly payments.
Levesque joins GoLocal LIVE on Tuesday mornings at 10 AM as part of a content partnership.